As it stabilizes its retail business, Overstock posted smaller losses for the fourth quarter and fiscal year even with lower revenues.
The company’s net loss in the quarter was $27 million, or 73 cents per diluted share, versus $42.3 million, or $1.39 per diluted share, in the year-earlier period. A MarketBeat-published analyst consensus estimate called for a loss of 34 cents per diluted share.
Net revenue was $370.9 million and retail revenue was $364.1 million as compared to $452.5 million and $446.7 million, respectively, in the year-previous quarter. Operating loss was $31.6 million versus $48.4 million in the year-before quarter.
For the full fiscal year, net loss was $121.8 million, or $3.46 per diluted share, versus $206.1 million, or $6.83 per diluted share, in the year earlier. Net revenue was $1.46 billion and retail revenue was $1.43 billion as compared to $1.82 billion and $1.8 billion, respectively, in the year previous. Operating loss was $123.5 million versus $217.2 million, in the year before.
“The results of our fourth quarter and fiscal year were in line with our previously revised guidance,” said Overstock CEO Jonathan Johnson. “Our retail business performed well despite a competitive holiday shopping season, and we continue to make progress toward our goal of realizing sustainable, profitable growth. Having achieved stability and identified key areas in which to focus our efforts, we are now moving into a phase of disciplined execution against our retail strategy.”